The non-fungible token reached $181 million in weekly sales, supported by strong gains in Bitcoin and other cryptocurrency markets.
November 17, Digital Collection Data Tracker CryptoSlam showed NFTs reportedly recorded sales of $181 million in the past seven days. The data shows that weekly NFT sales are up 94% compared to the previous week, when they were just $93 million.
Top grossing blockchains in the past 7 days. Source: CryptoSlam
Ethereum led all blockchains with $67 million in NFT sales for the week, an increase of 111% from the previous week. Bitcoin followed closely, with NFT sales hitting $60 million, a 115% jump from the previous week.
Meanwhile, Solana, Mythos Chain, Immutable, Polygon, and BNB Chain had combined weekly sales of $45.5 million.
In addition to the increase in sales volume, the average value of NFT transactions also increased significantly. Last week's average NFT sale was valued at $133.08, an 87% increase from $71.11 the previous week.
NFT sales momentum continues
The surge in weekly NFT sales comes as the market recovers and breaks out of the doldrums on the monthly sales chart.
In October, digital collectibles recorded sales of $356 million, an 18% increase from September, when NFTs hit a monthly low of about $300 million. This broke a seven-month slump in digital goods.
Apart from sales volume, NFT transactions also increased in October. The total number of NFT transactions in the month reached 7.2 million, an increase of 42% from the previous month.
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Bullish momentum for NFTs emerges amid soaring cryptocurrency market
The surge in NFT sales comes amid bullish momentum in the broader cryptocurrency market. A few days after the US election, the cryptocurrency market recovered, led by Bitcoin.
On November 13th, Bitcoin hit a new all-time high of $93,477. As of this writing, the asset is trading at around $91,000 and has a market cap of $1.8 trillion.
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